Microchip Technology (NASDAQ:MCHP) PT Lowered to $105.00

Microchip Technology (NASDAQ:MCHP) had its price target reduced by Susquehanna from $115.00 to $105.00 in a research report released on Friday, Benzinga reports. They currently have a positive rating on the semiconductor company’s stock.

A number of other analysts have also commented on MCHP. Needham & Company LLC boosted their price target on shares of Microchip Technology from $90.00 to $100.00 and gave the company a buy rating in a research note on Tuesday, May 7th. UBS Group boosted their price target on shares of Microchip Technology from $95.00 to $103.00 and gave the company a buy rating in a research note on Tuesday, May 7th. Evercore ISI assumed coverage on shares of Microchip Technology in a report on Tuesday, April 16th. They set an outperform rating and a $106.00 price objective on the stock. JPMorgan Chase & Co. cut their price objective on shares of Microchip Technology from $110.00 to $100.00 and set an overweight rating on the stock in a report on Friday. Finally, Rosenblatt Securities reaffirmed a buy rating and set a $100.00 price objective on shares of Microchip Technology in a report on Wednesday, July 31st. Six research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $99.42.

Microchip Technology Trading Up 1.1 %

Shares of NASDAQ:MCHP traded up $0.78 during mid-day trading on Friday, hitting $74.64. The company had a trading volume of 7,766,785 shares, compared to its average volume of 5,990,003. The firm has a fifty day moving average price of $91.17 and a 200 day moving average price of $89.38. The company has a market capitalization of $40.04 billion, a PE ratio of 21.68 and a beta of 1.54. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.20 and a quick ratio of 0.67. Microchip Technology has a one year low of $68.75 and a one year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.01. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 27.82%. Microchip Technology’s revenue for the quarter was down 45.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.56 EPS. As a group, research analysts forecast that Microchip Technology will post 2.35 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Thursday, August 22nd will be issued a $0.454 dividend. The ex-dividend date is Thursday, August 22nd. This represents a $1.82 annualized dividend and a yield of 2.43%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is 52.16%.

Insider Activity at Microchip Technology

In related news, VP Stephen V. Drehobl sold 7,830 shares of Microchip Technology stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $95.06, for a total value of $744,319.80. Following the sale, the vice president now owns 79,509 shares in the company, valued at $7,558,125.54. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CFO James Eric Bjornholt sold 3,188 shares of the business’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total transaction of $318,736.24. Following the sale, the chief financial officer now owns 33,257 shares in the company, valued at approximately $3,325,034.86. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Stephen V. Drehobl sold 7,830 shares of the business’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $95.06, for a total transaction of $744,319.80. Following the sale, the vice president now owns 79,509 shares in the company, valued at approximately $7,558,125.54. The disclosure for this sale can be found here. Insiders have sold a total of 23,993 shares of company stock worth $2,251,857 over the last quarter. Corporate insiders own 2.07% of the company’s stock.

Hedge Funds Weigh In On Microchip Technology

Large investors have recently modified their holdings of the stock. Swedbank AB purchased a new position in shares of Microchip Technology in the 1st quarter worth about $1,079,000. Caxton Associates LP increased its position in shares of Microchip Technology by 4,511.5% during the 4th quarter. Caxton Associates LP now owns 400,000 shares of the semiconductor company’s stock valued at $36,072,000 after purchasing an additional 391,326 shares during the last quarter. SageView Advisory Group LLC increased its position in shares of Microchip Technology by 507.5% during the 1st quarter. SageView Advisory Group LLC now owns 17,307 shares of the semiconductor company’s stock valued at $1,553,000 after purchasing an additional 14,458 shares during the last quarter. RFG Advisory LLC grew its stake in shares of Microchip Technology by 228.4% during the 1st quarter. RFG Advisory LLC now owns 12,841 shares of the semiconductor company’s stock valued at $1,152,000 after acquiring an additional 8,931 shares during the period. Finally, AIA Group Ltd boosted its stake in Microchip Technology by 80.4% in the 4th quarter. AIA Group Ltd now owns 29,910 shares of the semiconductor company’s stock worth $2,697,000 after purchasing an additional 13,326 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit embedded mixed-signal microprocessors; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.